Hibernian, a top-tier Scottish soccer team, has received approval to go forward with an investment from the group that controls Bournemouth, a Premier League club.

With the club’s dual interest dispensation request accepted, the Scottish Football Association (SFA) board has moved forward. A proposal from the Black Knights will now move Hibs forward.

Hibs’ “dual interest dispensation request” necessitated approval due to Article 13 of the SFA’s regulations regarding club ownership.

In addition to its 30 percent ownership in French Ligue 1 club Lorient, it holds the bulk of Bournemouth’s stock. The firm is also the proud owner of the Vegas Golden Knights of the National Hockey League (NHL).

The group led by American Bill Foley reportedly offered $7.6 million to the Scottish Premiership team. Members of the late chairman Ron Gordon’s family living in the United States control a majority stake in the club.

“The club now has an agreement in principle with Black Knight Football Club for minority investment into Hibernian. This decision came after a number of meetings between the two parties, alongside the club agreeing to certain undertakings and commitments at the request of the governing body”, the Hibs said in a statement.

What did Gordons’ family say?

Details of the approval’s stipulations were made public by the Scottish FA. Some of these restrictions include the fact that Black Knight’s ownership stake cannot be more than 29.9 percent. The agreement allows Hibs to participate in European competitions despite the conflicting interests of the involved parties.

Indeed, Foley and his firm have reportedly been engaged in discussions with the Gordon family for several months. After Ron Gordon’s passing last year, his son Ian and wife Kitty assumed top board positions, including chairman.

“The Gordon family are excited that the Scottish FA has approved the minority investment proposal. Ron’s vision, and long-term plan, included bringing in a minority partner, like Black Knight, which would help us achieve our goals.

“We share the same values and ambitions as Black Knight in our partnership. Our continued commitment to building a winning and successful club is unwavering”, as stated in the Gordons’ statement.

Life-long dream of Bournemouth owner to add Hibernian

Foley is eager to grow a sports empire that has a Las Vegas ice hockey franchise, French and Australian clubs, and an English Premier League team.

The 79-year-old millionaire from Texas has already expressed his desire to see a worldwide league of soccer teams. There, they would pool their resources and expertise to improve their results in every market where they compete.

“I believe we could end up with four or five economic interests in clubs. We would then have a system in place for players to advance and move on to the next club, then the next club.

“We will have similar analytics staff in place, and technical directors, to look for the right type of players who can ultimately play for AFC Bournemouth”, he said last October.